Trump Effect: Bitcoin Surges to a Record High Above $90,000

By: Israel Adeleke

Following the emergency of Donald Trump,who has voted his commitment to making America the “bitcoin and cryptocurrency capital of the world," as the President of the United States, Bitcoin has surged to a record high above $90,000.

OPEN TELEVISION NAIJA (OTN) News reports that the world’s largest cryptocurrency climbed to an all-time peak of over $91,000 before settling at $90,670.

OTN news further reports that since Trump’s victory in last week’s U.S. presidential election, the volatile asset has soared, repeatedly breaking previous records.

OTN news recalls that the previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into cryptocurrency.

OTN further recalls that the Republican said during campaigning that he planned to make the United States the “bitcoin and cryptocurrency capital of the world”.

Trump announced in September that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial.

However, its sales launch earlier this month stumbled, with only a small portion of the available tokens finding buyers.

Nevertheless, Cryptocurrencies have consistently drawn attention since their inception, from their sharp price swings to the downfall of major industry players, notably the FTX exchange.

OTN news further recalls that ahead of the election, Trump reportedly became the first former president to make a purchase with bitcoin, using it to buy burgers at a New York City restaurant, which celebrated it as a “historic transaction.”